| COMPANY |
PureCycle Technologies, Inc. |
| COURT |
United States District Court for the Middle District of Florida |
| CASE NUMBER |
21-cv-00809 |
| JUDGE |
The Honorable Paul Gregory Bryon |
| CLASS PERIOD |
November 16, 2020 - May 5, 2021 |
| SECURITY TYPE |
All Securities |
Case Background:
On May 11, 2021 the initial complaint in this securities class action was filed against PureCycle Technologies, Inc. (“PureCycle” or the “Company”) and certain of PureCycle’s directors and officers, asserting violations of Sections 10(b) and 20(a) of the Securities Exchange Act. This is a federal securities class action brought on behalf of all investors who purchased or acquired PureCycle securities between November 16, 2020 through May 5, 2021, (“Class Period”) both dates inclusive.
The complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business. Specifically, the complaint alleges that Defendants made false and/or misleading statements and/or failed to disclose that: (1) the technology PureCycle licensed from Procter & Gamble is not proven and presents serious issues even at lab scale; (2) the challenges posed by the availability and competition for the raw materials necessary to commercialize the licensed technology are significant; (3) PureCycle’s financial projections are baseless; and (4) as a result, the Company’s public statements were materially false and misleading at all relevant times.
Current Status of Case:
On September 27, 2021, Lead Plaintiff filed an amended complaint (the “Complaint”). On November 12, 2021, Defendants filed a Motion to Dismiss the Complaint. On June 5, 2023, the Court issued an order granting in part and denying in part Defendants’ Motion to Dismiss. This action is ongoing and in the discovery phase.
If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Kessler Topaz Meltzer & Check, LLP: Jon Naji, Esq. (484) 270-1453; or via e-mail at info@ktmc.com. If you would like additional information about the suit, please click on the link "Submit Your Information" above and fill out the form as promptly as possible.